承董事會命 百濟神州有限公司 主席 歐雷強先生 香港，2025年4月17日 於本公告日期，本公司董事會包括主席兼執行董事歐雷強先生、非執行董事王 曉東博士，以及獨立非執行董事Olivier Brandicourt博士、Margaret Han Dugan 博士、Michael Goller先生、Anthony C. Hooper先生、Ranjeev Krishana先生、 Alessandro Riva博士、Corazon (Corsee) D. Sanders博士、Shalini Sharp女士及易 清清先生。 百濟神州有限公司（「本公司」）謹此公佈，本公司將於2025年5月7日（星期三）（即 香港聯交所交易時間之後）報告其根據美國公認會計原則及美國證券交易委員會 適用規則編製的截至2025年3月31日止第一季度的未經審核財務業績。本公司董 事會審計委員會將於2025年5月7日（香港時間）審閱及批准2025年第一季度的財 務業績。 財務業績發佈後，本公司將於美國東部時間2025年5月7日（星期三）上午八時正 （即香港時間2025年5月7日（星期三）下午八時正）舉行電話會議。 電話會議將以網路直播方式進行，網 ...

A股代码：688235 A股简称：百济神州 公告编号：2025-015 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 公司管理团队将于美国东部时间 2025 年 5 月 7 日（星期三）上午 8 时（即北京时间 2025 年 5 月 7 日（星期三）晚上 8 时）举行业绩电话会 议。 电话会议将进行网络直播，网络直播链接可从公司网站的投资者关 系页面访问，网址为 http://ir.beigene.com/、https://hkexir.beigene.com/ https://sseir.beigene.com/。为确保及时连接，建议参会人至少在预定的网 络直播前 15 分钟进行注册。公司网站将提供业绩电话会议网络直播的 存档回放。公司股东也可参考公司在业绩电话会议后提交的投资者关系 活动记录表了解业绩电话会议主要内容。 1 特此公告。 百济神州有限公司董事会 2025 年 4 月 18 日 2 自愿披露关于公司举行业绩电话会议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 百济 ...

Group 1 - The core viewpoint of the news is that BeiGene's stock has experienced a decline, with a closing price of 240.56 yuan, down 3.26%, and a market capitalization of 336.99 billion yuan [1] - As of September 30, 2024, the number of shareholders in BeiGene is 33,458, a decrease of 4,146 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - BeiGene is a global biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor), anti-PD-1 monoclonal antibody, and Pamiparib [1] Group 2 - The latest financial results for the third quarter of 2024 show that BeiGene achieved a revenue of 19.136 billion yuan, representing a year-on-year increase of 48.63%, while the net profit was -3.686694 million yuan, a year-on-year change of 4.94%, with a gross margin of 83.94% [1] - In comparison to industry averages, BeiGene's price-to-earnings (PE) ratio (TTM) is -67.69, and its price-to-book (PB) ratio is 13.94, with a total market value of 336.99 billion yuan [2] - The industry average PE ratio is 40.40, and the industry median is 35.49, indicating that BeiGene's valuation metrics are significantly lower than the industry averages [2]

Core Viewpoint - The recent performance of the Zhongyin Innovation Medical Mixed A fund shows a decline in net value but strong returns over various time frames, indicating potential resilience in the healthcare investment sector [1]. Fund Performance Summary - The latest net value of Zhongyin Innovation Medical Mixed A is 1.5786 yuan, down by 2.81% - The fund's one-month return is 13.30%, ranking 7 out of 4623 in its category - The three-month return stands at 38.74%, ranking 14 out of 4566 - Year-to-date return is 31.19%, ranking 24 out of 4559 [1]. Holdings Summary - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with the following key positions: - Heng Rui Pharmaceutical: 9.81% - Xinda Bio: 8.55% - Huaneng Pharmaceutical: 8.41% - Kangfang Biotech: 8.35% - Kangnuo Ya-B: 8.32% - Kelun Botai: 7.87% - BeiGene-U: 6.24% - Rongchang Bio: 5.96% - Hansoh Pharmaceutical: 3.98% - Xin Nuo Wei: 3.11% [1]. Fund Manager Background - Zheng Ning, the fund manager, has a master's degree and extensive experience in the investment sector, having previously worked at Taikang Asset Management and Zhonggeng Fund Management - Zheng joined Zhongyin Fund Management in 2022 and has managed multiple funds since then, including the Zhongyin Innovation Medical Mixed Fund [2].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百濟神州有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年4月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) 06160 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事 ...

Group 1 - The core index of the China Securities Exchange Service Hong Kong Biotechnology Index (CESHKB) rose by 4.86%, closing at 5646.67 points with a trading volume of 10.416 billion [1] - Over the past month, the CESHKB has decreased by 1.72%, but it has increased by 28.09% over the last three months and by 20.18% year-to-date [1] - The CESHKB is designed to reflect the overall performance of biotechnology companies listed in Hong Kong, with a base date of December 12, 2014, and a base point of 2000.0 [1] Group 2 - The top ten holdings of the CESHKB include: CanSino Biologics (11.2%), Innovent Biologics (10.58%), BeiGene (10.28%), WuXi Biologics (9.54%), China National Pharmaceutical Group (9.18%), Zai Lab (5.76%), 3SBio (5.37%), Kelun-Biotech (4.59%), WuXi AppTec (4.46%), and Genscript Biotech (3.47%) [1] - The CESHKB is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing that biopharmaceuticals account for 60.95%, pharmaceutical and biotechnology services for 22.57%, chemical drugs for 12.94%, and medical devices for 3.53% [2]

消息面上，4月13日，中国人民银行发布了主要金融数据，首季社会融资规模增量超15万亿元、新增贷 款9.78万亿元、3月末广义货币M2余额同比增长7%。数据展现着金融对实体经济保持稳固支持，也折射 出实体经济需求持续回暖。此外，一季度全国工程机械平均开工率为44.67%，较去年同期增幅为 1.62%，折射出一季度中国经济平稳起步。 4月14日，A股市场主要指数高开后午后有所回落，大盘蓝筹风格整体走势平稳，A500和A50指数通过 行业均衡配置和聚焦优质龙头，契合资金关注主线。 相关产品：A500ETF（159339）、A50ETF基金（159592） MACD金叉信号形成，这些股涨势不错！ A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的趋势下受益于市场集中度提升，在业绩披露期或更受资金青睐。 华泰证券认 ...

1. Report's Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The government's support for innovative drugs and policy - capital synergy drive the industry's recovery. The demand for major innovative drugs is expected to increase, and the market window loss will be reduced [11][12]. - In 2025, the investment and financing in the medical and health field have improved, and the momentum of innovative drug going global is strong. The Chinese biopharmaceutical market is expanding, and the industry has entered a harvest period [2][14]. - International conferences such as AACR and ASCO are important for the R & D and application of innovative drugs, and Chinese innovative drugs show strong R & D strength [32][33]. - The future prospects of the pharmaceutical sector are promising, with the industry entering a normalization stage, the marginal impact of procurement decreasing, and continuous policy support for the innovative drug industry chain [37]. - The innovative drug globalization process is expected to continue, as MNCs face the "patent cliff" and Chinese innovative drug companies can provide competitive early - stage R & D pipelines [3][38]. - The CSI Innovative Drug Industry Index and the Guozheng Hong Kong - Stock Connect Innovative Drug Index focus on A - share and Hong Kong - share innovative drug companies respectively, with high elasticity, reasonable valuations, and high growth potential [4][41]. - The Silver Fund's innovative drug ETFs provide investors with low - cost tools to participate in the growth of the innovative drug industry [5][62]. 3. Summary by Directory 3.1 Government Report Re - mentions "Innovative Drugs" - The 2025 government report supports the development of innovative drugs, including improving the drug price formation mechanism and formulating an innovative drug catalog. The top - level policy promotes the "true innovation" industry [11]. - The National Healthcare Security Administration will launch the first - edition Class C drug catalog in 2025, and the "basic medical insurance + commercial insurance" model will solve the payment problem of high - value innovative drugs. The demand for major innovative drugs is expected to increase [11]. - The adjustment time of the medical insurance drug catalog will be advanced, and the "pre - declaration" mechanism will be introduced to reduce market window losses [12]. 3.2 Improvement in Pharmaceutical Enterprise Investment and Financing, Strong Momentum of Innovative Drug Going Global - In January 2025, global medical and health investment and financing had explosive growth, with a monthly financing of $8.004 billion, a year - on - year increase of 88.7%. Domestic investment and financing also showed a warming trend, with a 14.11% month - on - month increase [2][14]. - From 2019 to 2023, the Chinese biopharmaceutical market grew from $45.2 billion to $66.5 billion at a CAGR of 10.5%, and is expected to reach $103.4 billion in 2026 and $162.8 billion in 2030 [16]. - In 2024, the number of new drug IND applications and approvals reached a record high. The clinical progress of domestic innovative biopharmaceuticals is accelerating, and the industry has entered a harvest period [19]. - In the first quarter of 2025, there were 33 Chinese pharmaceutical overseas transactions, with a disclosed amount exceeding $36.2 billion. Chinese pharmaceutical companies are exploring diversified internationalization paths [27]. 3.3 Focus on International Conference Catalytic Nodes - The AACR annual meeting from April 25th to 30th, 2025, is an important platform for cancer research results. 95 Chinese pharmaceutical companies will present over 200 new drug research results, with nearly 100 ADC drugs [32]. - The ASCO annual meeting from May 30th to June 3rd, 2025, is a high - level event in the clinical oncology field, and many important research findings will be announced [33]. 3.4 Future Outlook: Hope and Challenges of Recovery - The industry's special rectification will enter a normalization stage, and the growth of the pharmaceutical sector in the second half of 2025 is expected due to the low - base effect of the second half of last year [37]. - The marginal impact of drug and medical consumables procurement on the industry is gradually decreasing, and the procurement rules are becoming more moderate [37]. - The innovative drug industry chain continues to receive policy support, and the equipment procurement in the second half of the year will be boosted [37]. - The innovative drug globalization process is expected to continue, as MNCs face the "patent cliff" and Chinese innovative drug companies can provide competitive early - stage R & D pipelines [38]. 3.5 CSI Innovative Drug and Hong Kong - Stock Connect Innovative Drug Index Focus on A - Share and Hong Kong - Share Innovative Drug Companies - The CSI Innovative Drug Industry Index selects 50 representative A - share stocks, and the Guozheng Hong Kong - Stock Connect Innovative Drug Index selects 50 representative Hong Kong - share stocks [41]. - Both indexes have high - elasticity historical trends, with the CSI Innovative Drug Index having a cumulative increase of 68.62% from 2015 to March 31, 2025, and the Guozheng Hong Kong - Stock Connect Innovative Drug Index having a cumulative increase of 45.77% from 2019 to March 31, 2025 [42][45]. - As of March 31, 2025, the PE of the CSI Innovative Drug Industry Index is 43.19 times, at the 57.5% quantile since April 2019; the PE of the Guozheng Hong Kong - Stock Connect Innovative Drug Index is 52.26 times, at the 42.7% quantile since November 2021 [46]. - Both indexes focus on chemical innovative drugs, bioproducts, and medical R & D outsourcing. The CSI Innovative Drug Industry Index focuses more on chemical innovative drugs, while the Guozheng Hong Kong - Stock Connect Innovative Drug Index has a higher weight in bioproducts [48]. - Both indexes are positioned in the small - and medium - cap growth style, with high growth potential and continuous revenue growth [54][59]. 3.6 Product Information of Silver Fund's Innovative Drug ETF and Hong Kong Innovative Drug ETF - The Silver Fund has developed the Silver CSI Innovative Drug Industry ETF (fund code: 159992) and the Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF (fund code: 159567), which closely track the corresponding indexes [62][63]. - The current asset scale of the Silver CSI Innovative Drug Industry ETF is 10.998 billion yuan, with good liquidity. The Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF has a current scale of 972 million yuan and is actively traded [62][63]. - The fund managers of the Silver CSI Innovative Drug Industry ETF are Ma Jun and Wang Shuai, and the fund manager of the Silver Guozheng Hong Kong - Stock Connect Innovative Drug ETF is Ma Jun [68].

Group 1 - The core viewpoint of the news is that BeiGene has shown significant stock performance and institutional interest, with a notable increase in revenue despite a net loss [1] - As of the latest report, BeiGene's stock closed at 235.3 yuan, up 6.51%, with a market capitalization of 329.5 billion yuan and a price-to-book ratio of 13.63 [1] - The company has 426 institutional holders, including 425 funds and 1 brokerage, with a total shareholding of 43.31 million shares valued at 6.974 billion yuan [1] Group 2 - BeiGene is a global biotechnology company focused on the research, development, production, and commercialization of innovative drugs, with key products including BRUKINSA (a BTK inhibitor) and anti-PD-1 monoclonal antibodies [1] - For the third quarter of 2024, BeiGene reported revenue of 19.136 billion yuan, a year-on-year increase of 48.63%, while the net profit was a loss of 3.686694 million yuan, reflecting a year-on-year change of 4.94% [1] - The gross profit margin for the company stands at 83.94% [1] Group 3 - In comparison to industry averages, BeiGene's price-to-earnings ratio (TTM) is -66.19, while the industry average is 40.22, indicating a significant divergence [2] - The industry median for price-to-earnings ratio (TTM) is 36.25, suggesting that BeiGene's valuation metrics are considerably lower than its peers [2] - The average price-to-book ratio in the industry is 8.44, while BeiGene's is 13.63, indicating a higher valuation relative to its industry counterparts [2]

Core Viewpoint - The pharmaceutical industry, particularly innovative drugs, is positioned as a key strategic investment direction for China's rise in the context of global supply chain restructuring and geopolitical tensions [1][2]. Group 1: Policy and Market Dynamics - The "Healthy China 2030" initiative aims for the health service industry to reach a total scale of 16 trillion yuan by 2030, with R&D investment intensity surpassing that of developed countries [1]. - The 2024 government work report emphasizes accelerating the development of new productive forces, with biomedicine identified as a key area for increased fiscal support [1]. - The "14th Five-Year" plan for biomedicine aims for the biomedicine sector to account for over 40% of a projected 22 trillion yuan bioeconomy by 2025 [1][2]. Group 2: Innovation and Approval Processes - The average approval cycle for domestic innovative drugs has been reduced to 6.2 years in 2023, a decrease of 3 years since 2018 [2]. - The dynamic adjustment mechanism for medical insurance negotiations will include 7 new anti-cancer drugs in 2024, with price reductions limited to 40%, thereby protecting innovation returns [2]. Group 3: Market Growth and Demographics - The proportion of the population aged 60 and above in China is expected to exceed 21% in 2024 and reach 30% by 2035, driving demand for chronic disease medications, cancer drugs, and rehabilitation equipment [2]. - Per capita medical expenditure in 2023 is 6,200 yuan, only one-sixth of that in the United States, with expectations to exceed 8,000 yuan by 2025 [2]. Group 4: Internationalization and R&D Efficiency - In 2023, the overseas licensing transaction volume for Chinese innovative drugs exceeded 40 billion USD, up from 15 billion USD in 2021, with projections to surpass 50 billion USD in 2024 [3]. - The cost of clinical trials in China is only 30%-50% of that in the United States, significantly shortening the R&D cycle for local pharmaceutical companies [3][4]. - The proportion of innovative drugs in China's pharmaceutical market is projected to increase from 25% in 2023 to 40% by 2025 [2][4]. Group 5: Industry Trends and Future Outlook - The revenue share from innovative drugs going abroad is expected to rise from 8% in 2023 to 20% by 2025, indicating a growing international presence [4]. - The number of global biotech companies with a market value exceeding 100 billion yuan is anticipated to increase, with 3-5 such companies expected to emerge in the coming years [4].